| What
are the benefits of insurance?
Firstly, for peace of mind, knowing that insurance exists
to meet the financial consequences of certain risks.
There
is also control of loss as insurers have an interest in reducing
the frequency and severity of losses. For example, if a person
is suffering from high blood pressure and wishes to take out
an insurance policy to cover critical illness, the insurance
company would probably require him/her to take medication
and to prove that he/she has a lifestyle that keeps the illness
under control. It is in the insurance company’s interest
to control the loss.
There are also social benefits because funds are available,
allowing you to help yourself so that you do not burden others.
What
types of insurance are available?
Below
are listed the general types of life insurance
1. Term
2. Whole Life
3. Endowment
4. Investment-linked
5. Child Education
Here are the
more common riders attach to a life policy
1. Critical Illness
2. Disability Income
3. Personal Accident
4. Medical Reimbursement
5. Hospitalisation
6. Premium Waiver
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